High Gas Prices Influence 75% of New Home Buyers

The price of gas is changing the way people drive, and also the way the choose their homes, if the results of a survey by Coldwell Banker are to be believed … and since I love numbers that back up my stories, I’ve decided to believe them!

In the interest of “professional journalism”  (that’s right – I’m a professional journalist) (Since when? -Ed.) here are some of the numbers I’ve decided to believe:  77% of the real estate professionals polled said that the recent surge in US gas prices has already begun to influence their clients’ choices home-buying decisions, with up to 45% of their clients moving into homes that are closer to shops and services specifically because of rising fuel costs.

Remarkably, this fuel-fuelled decision making is limited to the realtors’ clients:  nearly-unanimous 93% of the realtors polled said that if gas prices continue to rise (as many believe they will, heading into summer) they might consider housing changes to shorten their own commutes!

Does this mean that, as we’ve previously said here on Gas 2.0, the upscale suburbs of today will become the abandoned slums of the future?

With the reports like this one coming in from “the front lines” of the housing market jiving as well as they do with city planning journals and university studies predicting the demise of car-dependent suburban lifestyles, I think the answer is definitely:  maybe!

Getting a bit further into the numbers, the Coldwell Banker study found that, of the 56% of real estate professionals who said that more home buyers are interested in urban situations, 93% said that shorter commutes played a decision-making, role and 81% said that a desire to reduce fuel spending was a significant factor.

That’s a lot of numerical information to chew on, sure, but the numbers are delivering the same message that has been the driving force behind Gas 2.0 since 2007:  this is a rapidly changing world that is coming to terms with its oil addiction.

What about you, dear readers?  Have you parked the Volkswagen and started commuting by rail (like me!)?  Or are you commuting by scooter, instead (like me, when I missed my train!)?  We’d love to hear about how you’re all adjusting to the new realities of $4 (plus!) gallon gas, so let us know!

Source:  Coldwell Banker, via Motor Authority.

 

Jo Borrás

I've been in the auto industry 1997, and write for a number of blogs in the IM network. You can also find me on Twitter, at my Volvo fansite, or chasing my kids around Oak Park, IL.